CBG records a profit less than one year of activity | Economic news

In less than a year, CBG Ghana has gone from a negative position to a profit situation, in a generally difficult banking environment. This was based on prudent management practices; the bank explained.

CBG was established last August after the collapse of five troubled banks in the country. The banks were Sovereign Bank, Royal Bank, Beige Bank, Construction Bank and Unibank. Heritage Bank and Premium Bank were added in January 2019. These banks had liquidity problems and the Bank of Ghana chose to revoke the licenses of these banks. CBG was created to recover depositors' funds and manage the consequences of restructuring the banking sector.

From a very difficult position complicated by a general loss of customer confidence in the Ghanaian banking system, which prompted depositors to withdraw all their funds, CBG has been defeated and closed the year. 2018 with a loss of 22.8 million Ghanaian Cedis.

Over time, CBG gained the trust of many clients who held their funds after the initial deposit transfer threat, while others returned funds that were originally withdrawn.

However, six months into the beginning of 2019, CBG has managed to reverse the situation and become profitable. The second quarter 2019 results show an after tax profit of 41.1 million Ghana Cedis, which represents an improvement of approximately 280% compared to the financial results of 2018.

Second quarter performance also indicates that net interest income increased by approximately 83%, from approximately 122 million cedis at the end of 2018 to 223.8 million cedis in the second quarter of 2019. The total The bank's badets increased from C $ 7.5 billion to C $ 8.3 billion, an 11% growth.

Having stabilized finances in such a short time, the bank seems to have focused its attention on growth through a number of marketing activation programs nationwide. The bank's staff was seen in branded attire on the main streets of various cities across the country. It also launched its slogan "We Stand with You" to mark its commitment to customers.

CBG Chief Executive Daniel Wilson Addo said in an interview that the bank is about to become the preferred bank in Ghana. He said the quick turnaround demonstrates the strong desire to excel and a strong workforce. He praised the clients for their confidence and trust in the bank, adding that it would accompany and grow with them. "There is something great going on at CBG and we are all inviting you to come and experience an exemplary banking experience at CBG," added the Executive Director.

Mr. Addo congratulated Bank staff for working hard to make the Bank profitable in record time. He said the future was very promising and encouraged individuals and businesses to join the CBG family.